adjourned to february, page-2

It is interesting to see that the Administrator has lodged the accounts up to 11/2013 with ASIC. As to the question, in the form, as to when he expects the appointment will be completed he has responded 02/2014.

He has also shown that he has received $42,800 in fees since his appointment. Since 06/2013 ASOF have contributed $87,000 towards the running of the Company, the last contribution being 11/2013. So to those who are interested in why the Administrator is happy to let it go, as I suspected ASOF have been paying his fees. There is no indication as to what ASOF have paid before that date other than he received $512k, from non defined sources before 7/2013.

It seems that all staff have been paid their entitlements and most of their redundancies. There are currently just over $20 million owing to secured and unsecured creditors. Other than the funds from ASOF and recoveries from the tax department the Company has had no other income, so this seems to confirm that the Company has ceased any form of operations.

Given that most professionals tend to take most of January off on holidays I suspect that this is why it has been adjourned til February. Certainly IMHO it will not go into April as that is the latest that they can hold the AGM. There is certainly no way that they would go to the expense of holding an AGM. I suspect also that with the staff entitlements out of the way as well as tax liabilities, there is some minor mopping up to do. I think that we are on the home stretch.